Factory orders came in pretty good if you are looking at the headline number. In fact, the headline number looks like we turned around from -.08 to +.09. The market is not reacting much for two reasons. First, this number was anticipated and second this number includes transportation. When you take out aircraft sales, Factory Orders were up only .02%, which was unchanged from last month.
Technically, we need to get abovt 100.40 to put an end to this threat of a much bigger move downward. We need to also stay above 99.70. Depending on unemployment...things could slide sideways for a few days in that range.
Have a great week!
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